Covered Warrants

Covered warrants are financial products, listed on the London Stock Exchange,
which aim to replicate the same financial exposure as buying (call) or selling
(put) an asset such as a share, index, commodity or exchange rate at a
predetermined price (strike price) on a predetermined date (expiry). To learn
more before investing, download the covered warrant guide above.

They can be traded through any UK stockbroker and enable investors to put in
place a geared investment strategy. Your maximum loss is always limited to the
initial amount invested, however, covered warrants are considered as high risk
as the capital is fully at risk. Please refer to the product Term Sheet by
clicking on the relevant product below.

Past performance is not a reliable indicator of future results. Future
performance forecasts are not a reliable indicator of future performance. Gains
or losses can be reduced or increased depending on the exchange rate and does
not take into account charges, fees and charges incurred by any investor (e.g
taxes, fees or other costs incurred by local regulations, brokerage fees or
other fees levied by the financial intermediary). Before any investment, read
the risk factors described in the prospectus available on this site.
Before commencing trading you should be comfortable that covered warrants are a
suitable investment for you. In order to assist you with this assessment, please
see the "Risk Warning".